Mavashev and Traub of Alpha Realty secure $4.275 million sale

Alpha Realty arranged the sale of 702 Rockaway Ave. in the Brownsville section of the borough for $4.275 million. Lev Mavashev represented the buyer and Adam Traub represented the seller. Both the buyer and the seller were local private investors. The 1930's constructed building, sits on the corner of Rockaway Ave. and Livonia Ave. totaling 18 apartments and four retail tenants. The sales price equates to $238 price per s/f and $194,318 per unit. "The seller, a long term owner, capitalized on improving market conditions in Brownsville which is starting to feel the wave of gentrification that has churned through Bushwick and Bed-Stuy in the last few years" said Traub. "This deal had an unusual situation in that all of the upper floor units were under one master lease, which presented a challenge in finding a buyer that was comfortable with this arrangement. We were able to quickly leverage our network to find the right individual who had previous experience with master leases, as well as, someone who was familiar with the location," said Mavashev.